Rising inflation: CBN reduces Monetary Policy rate to

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) is set to stop the current rising increase in the country.

OnyxNews Nigeria reports that CBN agreed to reduce the monetary policy rate (MPR) from 12.5% to 11.5%.

The CBN Governor, Godwin Emefiele, made this known on Tuesday, September 22, at the end of the MPC meeting in Abuja.

Stressing about the situation, Emefiele said the committee retained all other policy parameters, excluding the asymmetric corridor that changed from +200 and -500 basis points to +100 and -700 basis points around the MPR.

The liquidity ratio was left at 30% and Cash Reserve Ratio (CRR) retained at 27.5%. Emefiele also said that the decision to reduce the MPR was to sustain ongoing economic recovery systems.

The CBN governor proposed that Nigeria will enter another recession, and exited almost immediately.